This legislation would...

Substantially simplify the tax code so an individual or family can file their taxes on a form as simple as a postcard.

Significantly lower individual tax rates for low- and middle-income Americans to Zero, 12%, 25% and 35%.
High-income Americans will maintain the 39.6% rate.
  • 0%: Married couples making less than $24,000 / Single filers making less than $12,000 (the increased standard deduction protects these families from taxation)
  • 12%: Married couples making $24,000-$90,000 / Single filers making $12,000-$45,000
  • 25%: Married couples making $90,000-$260,000 / Single filers making $45,000-200,000
  • 35%: Married couples making $260,000-$1,000,000 / Single filers making $200,000-$500,000
  • 39.6%: Married couples making more than $1,000,000 / Single filers making more than $500,000
Nearly double the standard deduction to $24,000 for married couples and $12,000 for single filers.

Provide unprecedented support for families.

  • Increases the Child Tax Credit to $1,600 per child (60% larger than under current policy).
  • Eliminates the “marriage penalty.”
  • Creates a new Family Flexibility Credit, which provides a credit of $300 for each parent and non-child dependent.
  • Preserves the Child and Dependent Care Tax Credit (also known as the Child Care Credit) to better support working parents.

Phase in full and permanent Death Tax Repeal by doubling the Death Tax exemption levels for the first seven years and then fully repealing the Death Tax by 2025.

Preserve and strengthen the Earned Income Tax Credit with provisions to stop widely reported fraud.

Preserve the Home Mortgage Interest Deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000.

Retain popular retirement savings options, such as the 401(k)s and Individual Retirement Accounts.

Streamline higher-education benefits.

Continue the deduction for charitable contributions.

Exclude the Indian Health Service’s Student Loan Repayment from tax to help in recruiting. It’s based on Noem’s 2016 legislation.

Allow businesses to immediately write off the full cost of new equipment, which is critical for South Dakota’s agriculture community.

Create a separate and historically low small business tax rate.

Lower the corporate tax rate to a globally competitive 20%.

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